May 2026 – Week 1
As part of an expanded focus on real-time coverage, this live blog tracks developments across global energy markets, including electricity prices, oil and gas benchmarks, and renewable generation trends.
It is updated throughout the week with the most significant developments around energy and related markets with a sustainability lens.
Last week’s live blog can be found here.
Key developments we are tracking this week:
- Volatility across oil, gas and electricity markets
- Clean energy’s response to the energy crisis
- Policy shifts driven by the energy crisis
Latest
Wednesday 6th of May 2026
11:20 GMT
Gas prices: Our end of April data shows that for the third consecutive week, gas prices are up across all of the world’s main gas pricing benchmarks.
You can see the data on our data dashboard, including week-by-week changes.
11:05 GMT
Electricity generation: UN’s Secretary-General, Antonio Guterres have responded to IRENA’s findings:
The worst energy crisis in decades has exposed the true cost of fossil fuel dependence. But another path is now possible. Renewable power is increasingly the most affordable, reliable and secure option. Let us accelerate the transition, invest in energy infrastructure, and strengthen international cooperation to finally deliver clean, homegrown power to people everywhere.
11:00 GMT
Electricity generation: In a further boost to the economics of renewable energy, the International Renewable Energy Agency (IRENA) has, in a newly released report, documented that solar and wind energy paired with battery storage are delivering reliable and cost-competitive round-the-clock electricity generation.
Data released in IRENA’s report: 24/7 renewables: The economics of firm solar and wind, show that the levelised costs of electricity (‘firm costs’) for solar plus storage range from USD 54 to USD 82 per megawatt-hour (MWh) in high-quality resource regions, compared with USD 70–85 per MWh for new coal in China and more than USD 100 per MWh for new gas globally.
10:50 GMT
Oil supply: In the wake of the oil crisis, the political tensions between the US and Canada appear to have been put on hold, for now, as the two countries have struck a deal to increase US imports of Canadian crude oil by at least 4400,000/bpd, with oil companies targeting long-term contracts of 450,000/bpd.
10:45 GMT
Oil supply: Meanwhile, crude oil inventories and reserves are continuing to drop. The American Petroleum Institute (API) estimated that crude oil inventories in the US fell by 8.1 million barrels last week( week ending May 1). In the previous week, the country’s inventories fell by 1.79 million barrels – suggesting an accelerating pace of declining crude oil inventories.
10:30 GMT
Oil price: Concerns that oil futures are primarily driven by geopolitical speculation and not oil supply have played out this morning as the markets reacted to Trump announcing he would pause their involvement in escorting vessels through the Strait of Hormuz.
The price of Brent Crude has dropped significantly to $103/bbl and WTI to well below the $100 mark to $95/bbl. This represents a 6% and 8% drop respectively.
Tuesday 5th of May 2026
16:45 GMT
Oil supply: We are turning our attention back to the war between Russia and Ukraine, where the Russian Kirishi refinery, located southeast of St. Petersburg, has been hit by a Ukrainian drone.
The refinery, which has a capacity of producing 400,000 bpd of refined crude oil, has not been operational since March due to another Ukrainian drone strike.
In recent months, Ukraine intensified drone attacks on Russian oil infrastructure, its production and exports – reacting toe the global surge of crude oil futures but also the actual physical oil price.
12:20 GMT
Transport: Jan Rosenow, Professor of Energy & Climate Policy at the University of Oxford are picking up on the European unprecedented rise of electric vehicles (EV’s), a trend that has accelerated even further since the war in Iran began.
He points out that in Q1 2026 registrations hit 547,000 — up 32% on the same period last year. And in March 2026 almost 50% more than in March 2025.
Earlier updates
12:05 GMT
Oil supply: The largest oil and gas producing country in Europe, Norway, has responded to the oil crisis by offering up 70 new oil and gas drilling permits.
12:00 GMT
Oil supply: According to Goldman Sachs, global oil inventories have reached an eight-year low to around 101 days of expected demand, with the rate of depletion happening so fast it leaves the market vulnerable to further shocks.
The bank further estimates that with the Strait of Hormuz bottleneck unresolved, by the end of May, this would decrease to 98 days.
Monday 4th of May 2026
17:50 GMT
Oil price: Oil futures have reacted to no significant breakthrough on peace negotiations between the US and Iran, the future of the Strait of Hormuz remaining uncertain and volatile, and military attacks on oil and gas infrastructure surging on Monday. As trading closed on Wednesday.
The price of Brent Crude has surged to $115/bbl and WTI to $106/bbl, up 6% and 4% respectively from Friday’s trading close.
17:40 GMT
Catch-up: Why not catch up with last week’s developments and access last week’s live blog below:
17:30 GMT
Company updates: More context and details on the Ørsted and CIP deal can be found in our article below:
Saturday 2nd of May 2026
18:00 GMT
Company updates: A pretty significant deal has been struck between two Danish-headquartered, but global, clean energy giants.
Ørsted, the world’s largest offshore wind developer, and Copenhagen Infrastructure Partners (CIP), a fund manager and lender and a significant clean energy investor, have acquired Ørsted’s onshore wind platform and have established a new energy company, Perigus Energy.
With the acquisition of Ørsted‘s onshore wind assets, the company that is to be headquartered in Ireland, has a portfolio of 862 megawatts (MW) of onshore wind capacity spread across Ireland, Germany, the UK and Spain.
In addition to managing these assets, the new company announced that they will continue to build out new renewable energy, but in addition to onshore wind, also in solar and battery technologies.
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